Market opens in the red, Nifty slips below 11,650

New Delhi: Markets opened in the red on Wednesday with the NSE Nifty slipping below 11,650 on weak global cues.

In early trade, however, Sensex pared some losses but was still trading down 26.34 points or 0.07 percent to 38,912.88 while the NSE Nifty turned positive by climbing 0.85 points to 11,672.80.

Major losers in the Sensex pack IndusInd Bank, SBI, Infosys, ITC, ICICI Bank, Maruti, Asian Paint, HDFC Bank, HDFC, Heromotocorp, HCL, and TCS, falling by upto 1.37 percent.

Asian shares slipped from eight-month highs. MSCI`s broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent, a day after it hit its highest since Aug. 1. The Shanghai Composite Index fell 0.55 percent and Japan`s Nikkei lost 0.7 percent, a Reuters report said.

On Wall Street, the S&P 500 gave up 0.61 percent and the Nasdaq Composite declined 0.56 percent on Tuesday.

With Agency Inputs